QUEBEC - XSTRATA NICKEL of Toronto has identified the largest mineralized zone in the history of the Raglan nickel mine on the Ungava Peninsula. An estimated 4.5 million tonnes of inferred resources have been added to the total this year. Zone 5-8 contains an estimated proven and probable reserve of 800,000 tonnes at 3.02% Ni and 0.80% Cu. The zone also contains measured and indicated resources of 400,000 tonnes at 1.30% Ni and 0.35% Cu and inferred resources of 11.5 million tonnes at 3.00% Ni and 0.80% Cu.
The announced increase dovetails nicely with Xstrata's plans to boost Raglan mine production to more than 2.0 million t/y by 2013.
Ian Pearce, CEO of Xstrata Nickel, said the company will invest more than $200 million over the next five years in further exploration at Raglan. The corporate website is maintained at www.Xstrata.com.